Dealer took my car
(freeport, new york)
I purchased a used vehicle from a dealer 2yrs. ago. I had lots of problems with.I went to the same dealership to trade the vehicle at the same dealership;coming out with a much better car I was so happy....until!!!! I didn't have the full deposit for the new car at the time,so the dealer fronted me the money but I signed a promissory note saying I would pay him by a certain time. I was making the payments but fell upon hardship so the dealer came and took my car!!! Not the bank for a late payment but the dealer.Is legal?
Reply from DebtCollectionAnswers.com
Vikki - We can't comment on whether the dealer acted properly here. It will depend on the contract you signed with the dealer when you bought the car. But the dealer did make you a loan, and you defaulted. So if the vehicle was pledged as collateral, then it's likely that the dealer had the right to repossess it.
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